{"id":69573,"date":"2022-06-07T21:03:53","date_gmt":"2022-06-07T21:03:53","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/figure-7-5-on-the-graph-below-q-represents-the-quantity-of-the-good\/"},"modified":"2022-06-07T21:03:53","modified_gmt":"2022-06-07T21:03:53","slug":"figure-7-5-on-the-graph-below-q-represents-the-quantity-of-the-good","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/figure-7-5-on-the-graph-below-q-represents-the-quantity-of-the-good\/","title":{"rendered":"Figure 7-5.on the graph below, q represents the quantity of the good"},"content":{"rendered":"
\n

Figure 7-5.<\/em><\/strong>On the graph below, Q<\/em> represents the quantity of the good and P<\/em> represents the good’s price.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Refer to Figure 7-5<\/strong>. If the price of the good is $14, then producer surplus is<\/p>\n\n\n\n\n\n\n\n
\n

a.<\/p>\n<\/td>\n

\n

$17.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

b.<\/p>\n<\/td>\n

\n

$22.<\/p>\n<\/td>\n<\/tr>\n

\n

c.<\/p>\n<\/td>\n

\n

$25.<\/p>\n<\/td>\n<\/tr>\n

\n

d.<\/p>\n<\/td>\n

\n

$28.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

Figure 7-9<\/em><\/strong><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

Refer to Figure 7-9<\/strong>. If the price decreases from $22 to $16, consumer surplus increases by<\/p>\n\n\n\n\n\n\n
\n

a.<\/p>\n<\/td>\n

\n

$120.<\/p>\n<\/td>\n<\/tr>\n

\n

b.<\/p>\n<\/td>\n

\n

$360.<\/p>\n<\/td>\n<\/tr>\n

\n

c.<\/p>\n<\/td>\n

\n

$480.<\/p>\n<\/td>\n<\/tr>\n

\n

d.<\/p>\n<\/td>\n

\n

$600.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

Refer to Figure 7-9<\/strong>. IF 40 units of the good are being bought and sold, then<\/p>\n

    \n
  1. The marginal cost to seller is equal to the marginal value to buyers<\/li>\n
  2. The marginal value to buyers is greater than the marginal cost to seller<\/li>\n
  3. The marginal cost to sellers is greater than the marginal value to buyers<\/li>\n
  4. Producer surplus would be greater than consumer surplus.<\/li>\n<\/ol>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    Figure 7-20<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    48<\/p>\n

    44\u00a0\u00a0\u00a0\u00a0 A<\/p>\n

    40<\/p>\n

    36<\/p>\n

    32\u00a0\u00a0\u00a0\u00a0 F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 G<\/p>\n

    \u00a0<\/p>\n

    28<\/p>\n

    24\u00a0\u00a0\u00a0\u00a0 H<\/p>\n

    20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

    16<\/p>\n

    12<\/p>\n

    8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 C<\/p>\n

    4<\/p>\n

    \u00a0<\/p>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5\u00a0\u00a0\u00a0\u00a0 6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11\u00a0\u00a0\u00a0 Quantity<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    Refer to Figure 7-20. At Equilibrium, total surplus is<\/p>\n

      \n
    1. $36<\/li>\n
    2. $72<\/li>\n
    3. $108<\/li>\n
    4. $144<\/li>\n<\/ol>\n

      Figure 8-2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

      The vertical distance between points A and B represents a tax in the market.<\/p>\n

      \u00a0<\/p>\n

      Refer to Figure 8-2\u00a0\u00a0<\/p>\n

      The loss of consumer surplus as a result of the tax is<\/p>\n

        \n
      1. $1.50\u00a0\u00a0\u00a0 B.\u00a0\u00a0\u00a0 $3\u00a0\u00a0 C.\u00a0\u00a0\u00a0 $4.50\u00a0\u00a0 D.\u00a0\u00a0 $6.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        Figure 7-5.On the graph below, Q represents the quantity of the good and P represents the good’s price. \u00a0 \u00a0 \u00a0 \u00a0 Refer to Figure 7-5. If the price of the good is $14, then producer surplus is a. $17. \u00a0 \u00a0 b. $22. c. $25. d. $28. \u00a0 \u00a0 Figure 7-9 \u00a0 \u00a0 Refer […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-69573","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=69573"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69573\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=69573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=69573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=69573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}